Posted by Richard640
@ 12:51 on May 18, 2017
The end is nigh, brother, the end is nigh!
World markets are like a pie crust stretched across the roof of a volcano!
Fu Manchu is about to pull the lever to the trap door!
Warbucks signals the trusty Punjab to cut the cords of the rope bridge!
Grease the skids! Happy tobogganing!
Chinese Insurer Warns Of “Mass Defaults, Social Unrest” Due To “Mass Redemption” Run
One month ago, China came “this close” to the one event which terrifies Beijing more than anything: a run on China’s shadow banks.
As a quick reminder, 150 customers of China’s Mingsheng Bank, the country’s largest private bank, were furious in mid-April when they learned that some 3 trillion yuan invested in Wealth Management Products, the backbone of China’s shadow banking system, had vaporized after bank employees had engaged in fraud and embezzled the funds without ever investing it (later it emerged that Mingsheng employees had put the money into “cultural relics” and jewelry, for their own use).
And while fraud and embezzlement are both endemic in China, the bigger concern raised by the article was the threat of a bank run across China’s massive and unregulated, nearly $10 trillion shadow banking system. Indeed, while there have been numerous allegations and warnings that China’s entire shadow banking facade, dominated by WMPs and other “investment products”, is nothing but a giant ponzi scheme in which recoveries – should there be a bank run, a topic recently discussed on Bloomberg – would be non-existent if there is ever a bank run, defaults of WMPs issued by big banks – and this case an unapproved WMP – are rare, as are shadow bank runs.
Posted by eeos
@ 12:27 on May 18, 2017
send those guys to march DC so we can start target practice
Posted by Ororeef
@ 12:21 on May 18, 2017
Banker: “One Million Will March On Washington If They Impeach Trump. They Will Be Armed”
via Soren K Group and Marketslant
Because He’s TNT
Sometime contributor Bon Scott who happens to be not only a Trump supporter but more importantly a Constitutional expert and Big “L” Libertarian had this to say in response the ‘Impeach Trump’ escalation.
10,000,000 people will march on Washington if they try to impeach Trump… they will be heavily armed. I will be one of them. No kidding
Posted by ipso facto
@ 12:17 on May 18, 2017
Posted by Ororeef
@ 12:02 on May 18, 2017
Posted by eeos
@ 12:00 on May 18, 2017
Tired of these dirtbags playin us
Posted by Ororeef
@ 11:56 on May 18, 2017
Posted by Ororeef
@ 11:46 on May 18, 2017
Posted by Ororeef
@ 11:35 on May 18, 2017
Posted by Buygold
@ 11:29 on May 18, 2017
the SM can wipe out all the losses from yesterday?
Nothing would surprise me anymore.
Posted by Ororeef
@ 11:20 on May 18, 2017
full of COFFEE for the Bond Market this morning
That could put some caffene into the gold Market
Posted by Buygold
@ 11:12 on May 18, 2017
Hoping the USD may help my MOTHER OF ALL RALLIES scenario.
Don’t know why I’d think that would help, hasn’t really helped the shares all week.
The scum algo’s just sit and play whack-a-mole with the shares all day long, every rally attempt is bopped.
Posted by Richard640
@ 11:12 on May 18, 2017
It’s shaping up as a very bad day for Brazil and the Emerging Market complex.
**The Archdukes assassination is what triggered WW one—The next day, Serbian reservists being transported on tramp steamers on the Danube crossed onto the Austro-Hungarian side of the river at Temes-Kubin and Austro-Hungarian soldiers fired into the air to warn them off. The report of this incident was initially sketchy and reported to Emperor Franz-Joseph as “a considerable skirmish”. Austria-Hungary then declared war and mobilized the portion of its army that would face the (already mobilized) Serbian Army on 28 July 1914. Under the Secret Treaty of 1892 Russia and France were obliged to mobilize their armies if any of the Triple Alliance mobilized. Russia’s mobilization set off full Austro-Hungarian and German mobilizations. Soon all the Great Powers except Italy had chosen sides and gone to war.]
Posted by deer79
@ 10:55 on May 18, 2017
Yen $ carry trade in almost perfect tandem with the S&P 500
Posted by Farmboy
@ 10:51 on May 18, 2017
Buygold is calling for the Mother of all Rallys. Gee, I hope he is right. 🙂
Rally or Die Time. (gulp)
Posted by Richard640
@ 10:47 on May 18, 2017
8 or 9 days in a row so may need to churn a while before the next move [up or down] shows its hand.
Posted by Buygold
@ 10:30 on May 18, 2017
Yeah, it gets really old doesn’t it?
They’ve got the algo’s so dialed in that any Fed head or gov’t official from Treasury yapping about nothing triggers a “sell pm’s buy the SM” event.
Can’t see a single reason for silver to be down over 2%
Looks like $1250 has been breached. Unbelievable.
Posted by deer79
@ 10:21 on May 18, 2017
Totally agree. The propaganda machine is working overtime. Ex Goldman guy (Mnuchkin) spouting BS in the face of Brazil blowing up? The Cartel has to continue to get the blind retail suckers going to the slaughter. All fabrication. Makes me nauseous.
Posted by Buygold
@ 10:13 on May 18, 2017
Yammering about how he’s determined no country has manipulated their currency.
The minute he started talking they assaulted pm’s, even as the USD weakened.
Move along folks, no manipulation here.
Posted by Buygold
@ 10:07 on May 18, 2017
Might be a good call not to buy the DOW up a little this am.
The USD may have topped for the day. Doesn’t mean that JNUG will be coming back but might indicate the DOW has also topped. Who knows?
CSCO came out with pretty stinky earnings last night yet the Nasdaq is up over 1/2%
Just have to laugh…
Posted by Farmboy
@ 9:57 on May 18, 2017
Keeping my insurance policy a little longer. Would love to dump it and go long JNUG. Lets give it an hour or so. I’m not buying the Dow up a little this morning…got time for more coffee and let the miners ‘get a grip’. 🙂
Happy travels !
Posted by Buygold
@ 9:50 on May 18, 2017
As soon as Farmboy sells his JDST this am I’m looking for the
MOTHER OF ALL COMEBACKS!!!
Posted by ipso facto
@ 9:48 on May 18, 2017
Happy landings Amigo! 🙂
I’m out for a bit.
Posted by Buygold
@ 9:37 on May 18, 2017
Doing something else…
Yep, I’ll be in and out of airports for most of the day in a couple of hours so I’m forced. 🙂
They sure decided to crush the shares out of the gates. Course the problem with the news driven bumps in pm’s is that they never last.
SM looks healthy again though. 🙁
Yesterday, was definitely another kick in the scruds, we’ve seen it hundreds of times in the last 15 years. Same old.
Posted by ipso facto
@ 9:31 on May 18, 2017
Moriarty is right often enough so that I pay attention to what he says. It might be a good day to do something else.
Yesterday was a big kick in …
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